PRIMECAP Amends NetApp Stake: Holds 14.7M Shares

TL;DR

**PRIMECAP just updated their NetApp holdings, now owning 14.7 million shares as of year-end 2023.**

AI Summary

PRIMECAP Management Company, a major investment firm, filed an amendment (SC 13G/A) on February 12, 2024, disclosing its ownership in NetApp, Inc. As of December 31, 2023, PRIMECAP beneficially owned 14,709,824 shares of NetApp's common stock, representing a significant stake. This filing indicates a change in their holdings since their last report, which is important for investors to track institutional sentiment and potential impact on stock price.

Why It Matters

Large institutional ownership changes can signal confidence or concern in a company, potentially influencing other investors and the stock's market performance.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of institutional ownership and does not inherently present a direct risk to investors.

Analyst Insight

Investors should note PRIMECAP's continued significant stake in NetApp, indicating a long-term institutional interest. While this filing doesn't reveal a major change, it confirms their position as of year-end 2023, which can be factored into an assessment of institutional confidence.

Key Numbers

• 14,709,824 — Shares Beneficially Owned (This is the total number of NetApp shares PRIMECAP Management Company reported owning as of December 31, 2023.)
• 14,475,914 — Shares with Sole Voting Power (This indicates the number of shares PRIMECAP Management Company can vote on its own.)

Key Players & Entities

• PRIMECAP Management Company (company) — the investment firm filing the SC 13G/A
• NetApp, Inc. (company) — the subject company whose shares are being reported
• 14,709,824 (dollar_amount) — the aggregate number of shares beneficially owned by PRIMECAP
• December 31, 2023 (date) — the date of the event requiring the filing
• February 12, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• PRIMECAP Management Company will maintain a significant stake in NetApp, Inc. through the next quarter. (PRIMECAP Management Company) — medium confidence, target: March 31, 2024

FAQ

Filing Documents

• ntapa11_21224.htm (SC 13G/A) — 25KB
• 0001085146-24-001099.txt ( ) — 27KB

(a)

ITEM 1(a). NAME OF ISSUER: NetApp, Inc.

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 3060 Olsen Drive, San Jose, CA 95128

(a)

ITEM 2(a). NAME OF PERSON FILING: PRIMECAP Management Company

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 177 E. Colorado Blvd., 11th Floor, Pasadena, CA 91105

(c)

ITEM 2(c). CITIZENSHIP: U.S.A.

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES: COM

(e)

ITEM 2(e). CUSIP NUMBER: 64110D104 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 14,709,824 (b) Percent of class: 7.14% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 14,475,914 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 14,709,824 (iv) shared power to dispose or to direct the disposition of: 0 ITEM 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securi

View Full Filing

View this SC 13G/A filing on SEC EDGAR